GBP USD Technical Analysis | GBP USD Trading: 2023-09-21 | IFCM
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GBP USD Technical Analysis - GBP USD Trading: 2023-09-21

GBP/USD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1.2303

Sell Stop

Above 1.2420

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2374
Donchian Channel Sell
MA(200) Sell
Fractals Sell
Parabolic SAR Sell

GBP/USD Chart Analysis

GBP/USD Chart Analysis

GBP/USD Technical Analysis

The technical analysis of the GBPUSD price chart on 4-hour timeframe shows GBPUSD,H4 is falling under the 200-period moving average MA(200) which is falling itself. RSI is poised to breach into the oversold zone. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.2303. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2420. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Forex - GBP/USD

UK’s inflation was lower than expected in August. Will the GBPUSD price retreating persist?

UK’s inflation was lower than expected in August: the Office for National Statistics reported UK inflation decelerated to 6.7% over year in August from 6.8% in July, when an increase to 7% was forecast. The rate in August was the lowest since February 2022 and significantly down from a recent peak of 11.1% in October 2022. Falling UK consumer prices inflation is bearish for GBPUSD.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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